Auteco Minerals Limited (ASX:AUT) agreed to acquire Green Bay copper-gold project in Newfoundland, Canada from Rambler Metals and Mining Plc for AUD 68 million on August 31, 2023. The transaction comprises upfront consideration of AUD 35 million in cash and AUD 15 million in shares, followed by an additional AUD 7.5 million cash payment and AUD 7.5 million in shares within 18 months. The transaction will be funded by a minimum AUD 50 million two-tranche placement to be sole lead managed by Canaccord Genuity, and co-managed by Argonaut Securities, Euroz Hartleys, and Shaw and Partners.

As of September 4, 2023, Auteco Minerals Limited has raised $55 million in a fully underwritten two-tranche share placement. Proceeds will be used to fund the acquisition of the Green Bay Copper-Gold Project in Newfoundland, Canada. Transaction is subject to obtaining any third-party consents or approvals, approval of the acquisition and the issuance of a RVO by the CCAA Court, obtaining financing and approval of offer by acquirer shareholder.

As of September 11, 2023, the Supreme Court of Newfoundland and Labrador has approved the deal. Closing of the transaction, which remains subject to AuTECO shareholder approval, is scheduled for mid-late October 2023. Marcus Freeman, Tom Jakubowski, Brian Bacal and Matt Reimer of Canaccord Genuity Group Inc. (TSX:CF) acted as financial advisor, Shaun Hardcastle, Jeremy Newman, Daniel Owen and Jordon Rossetto of Hamilton Locke Pty Ltd and Osler, Hoskin & Harcourt LLP acted as legal advisors to Auteco Minerals Limited.